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Mexican Gold Cobs

The mint at Mexico City issued gold bars and carefully adjusted escudo-equivalent gold ingots from at least 1537--see our Special Page on Mexican gold ingots-- but was not permitted an official gold coinage until 1679. Thereafter it struck gold cobs annually, but usually in small numbers,  until 1732. In that period three Spanish monarchs sat on the throne. The unfortunate Carlos II reigned until 1700, to be succeeded by the first Bourbon monarch Felipe V, whose reign was interrupted for seven moths in 1724 by the accession and death of his son Luis I.

The 36 year period from 1680 to 1715 is generally known as the “Fleet era.” Approximately 98% of the surviving Mexican gold cobs fall into this period and trace their survival to the Florida wrecks of the 1715 Fleet. In fact, more than 94% of surviving Mexican gold fall into the five year period 1711-15.

The first 15 years (1680-1694) of gold production at Mexico City is attested by a mere handful of dated coins. Even undated specimens are rare. Assayer Lopez (L) struck one, two, four and eight escudos, the larger denominations showing the final version of the Hapsburg shield with a stylized crown and on the reverse an attractive jeweled cross. In 1695 the jeweled cross reverse was replaced with a “box cross”, a design which lasted on the onza until 1710.

Dated Fleet era escudos, 1695-1710, remain rarities. Only the last date, 1710, is represented by more than 2 coins. In fact, there are three 1710 onzas extant! In 1705 assayer Lopez was succeeded by assayer Jose Eustaquio de Leon (J), who remained in office until 1723. At first assayer J preserved the traditional types, but by 1711 he had begun to experiment with new obverses and reverses. After a year (1713) that featured some of the worst dies and gold planchets ever produced at Mexico City, dies apparently became machine-produced and planchets expertly cast or cut in a fashion that did not require faceting. See the beautiful round 1715 onza on our Home Page. After 1715 all Mexican gold cobs again become rarities in all denominations, with most dates unknown and many dates represented by only one or two specimens.

1714 is by far the most common Mexican escudos. Hundreds of nice one, two and eight escudos survive from the Fleet. Five varieties of the 1714 onza exist and are eagerly pursued by collectors. After 1714, 1713 is the most common date, followed by 1715, 1712 and 1711 in that order.

MEXICO

Very rare 1720's issue of Fleet Assayer Jose Eustaquio de Leon (J)e o        lf Assayer J1712smalcob

Mexico, eight escudo, "muy rara" undated issue of 1723. One of four known.
Calico OMB # 407,  LA ONZA # 406,   27.09 gms, 34 mm.

All post-1715 issues of assayer J are "muy rara" according to Calico. Small mintage and heavy remelting in the 1732-33 recoinage seems to have to virtually wiped out Mexican onzas issued before 1727. Only mintages in the years 1717-18, 1720 and 1723 are confirmed, and the total number of survivors is apparently less than 20 onzas. Four 1723's are known including one superb royal in the Mexico City Casa de Moneda Collection, one dated specimen pictured in Calico, now also in a public collection, and two die-matched undated specimens including the present example. 1723 Mexican onzas have two distinguishing features not found on any other Mexican onzas: a rosette separates the mint mark and assayer mark, and on the cross side the exterior fleurs-de-lis look like the cotton blossoms found on Morgan dollars. No other onzas from the 1710's or 1720's looks like the 1723's.

This example without question is the finest collectible 1723 onza and one the most attractive of late issue of assayer J. It pedigrees to major old Spanish collection where it was impounded for over 50 years until late 2007.

Available for sale.  $6250.  Please call or email for further information. 480-595-1293. terravitan@aol.com

SOLD

From the 1715 Plate Fleet

1708 Mexico Eight Escudos.  Very rare: one of two dated specimens known

Two 1708 Mexican onzas are known, both recovered by Real 8 from the Nieves site. Somehow neither was absorbed into the Florida State Collection at Division. The companion to this coin--same dies--is pictured in Calico's LA ONZA as coin #381. Prior to recovery of these two Fleet coins, Chavez-Lopez believed he had located a unique specimen of the 1708 onza, and so described it in his 1962 CATALOGO of the onzas. Unfortunately, that coin does not have a readable final digit and is now re-assigned by Calico to 1706. In fact, it is partial date 170(x) with 6 through 9 possible as the final digit. Its dies do not match those on the dated 1708's.

This 1708 onza has the slight reddish tint so often found on 1713 Mexican escudos. It was found in the same area of Colored Beach as the 1713's. I have suggested elsewhere that this reddish tint is typical of gold coins that have spent a long time in contact with saturated organic material. The 1713's and 1708's were probably in a leather pouch when the Nieves sank. This 1708 onza also shows marine deposits and whitish coral, especially on the cross side. It is full weight at 27.0 grams.

Besides being one of only two 1708 Mexican onzas--the other 1708 is impounded in a major private collection from which it will not emerge for many years--this is one of less than a dozen dated BOX CROSS onzas known for the entire 1698-1710 type period. By any measure it a major rarity and an amazing survivor from the exiguous early gold coinage of the Mexico City mint.


Available. Price on request.

From the 1715 Plate Fleet
 

Mexico Eight Escudos (1714 J) Rosetted denomination (VIII) with plain cross variety

The varieties of the 1714 Mexican eight escudos have become one of the most popular challenges of Fleet collecting. Five coins are required to complete a set of the major types, and this variety, rosetted denomination on the shield side paired with a plain cross, is by far the rarest. In the Florida State Collection that boasts forty dated specimens of the 1714 only one coin ( # 11.00010 ) shows this variety. Two, or possibly three, coins of this variety are recorded in the Real 8 Sales 1964-1977, which had hundreds of 1714 onzas.

To follow the usual chronology of the 1714’s, the year began with the Mexico City mint striking new onzas using a shield with rosetted numerals on one side, and a fancy, Royal-type cross on the other. These dies were in fact used to strike the Royals known from this date. After a while the fancy cross began to wear and was retired. A plainer cross was substituted, while retaining the rosetted shield. This created the variety represented by the present coin. Then, and obviously soon after, the rosetted shield also became also worn and was retired in favor of the plain shield.

The rarity of this variety, Rosetted Shield with Plain Cross, is then easily explained by brief pairing of the original rosetted shield die with the new plainer cross. The Mexico mint next went on to switch the date from shield side to cross and eventually back again to produce those familiar varieties.

The recovery site of this specimen is not recorded, but its sister coin in the Florida Collection was an early addition from what was then called the Douglas or Colored Beach Wreck. It is now securely identified as the Nieves, one of the smaller vessel in the 1715 Plate Fleet, but laden with gold!

This specimen is lustrous and well struck on a large round planchet. Many 1714 eight escudos were struck on oblong or hourglass-shaped planchets that do not enhance their appearance. On the shield side the denomination ( VIII ) and monarch’s name ( PHILIP ) are sharply struck. About half of the mintmark, a large M beneath a small o, is visible to the left the shield. Rosettes bracket the denomination. On the cross side, we have a perfectly formed and centered cross. In the legend at one o’clock as photographed, we can see one of the large three-pointed rosettes used as spacers.

The coin has beautiful lustrous, golden color, and shows no signs of any circulation wear. The weight is 26.97 gms. The coin pedigrees to a recent Ponterio sale.

 [sold]

From the 1715 Plate Fleet

Mexico. Reign of Charles II (1665-1700).  Jeweled Cross four escudos, circa 1690. Very Rare.

The first gold issues of the mint at Mexico City featured the distinctive designs you see on this four escudos. The most striking design feature is the ornate jeweled cross. On the 4 escudos, this design continued until 1699, with at least three significant sub-varieties. No one has yet made a study of jeweled cross Mexican escudos, due to the rarity of the type in all denominations, but I am attempting to do so.

This is a middle-style issue, 1688-1694, identified by various distinctive features of the cross, shield and crown. Prior to the salvages from the 1715 Fleet, the entire population of jeweled cross media onzas  (1680-1699) was represented by no more than a half dozen or so coins. See the Lopez-Chavez 1961 monograph on the media onza. I believe the 1715 Fleet has added about another half dozen coins to the population, including this exceptional piece.

This jeweled cross 4 escudos  has very light sea surfaces and marine deposits/coral, especially in the lower area of the shield. It has good weight at 13.41 gms and a large, rounded planchet. If you would like a jeweled cross Mexican 4 escudos from the 1715 Fleet, this is a chance that may not be repeated for many years.

Available. $6350.

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